8-K
Alpine Income Property Trust, Inc. (PINE)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 6, 2025
ALPINE INCOME PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)
| | <br><br><br><br> | |
|---|---|---|
| Maryland | Commission File Number 001-39143 | 84-2769895 |
| (State or other jurisdiction of<br><br>incorporation or organization) | | (I.R.S. Employer<br><br>Identification No.) |
| <br><br> | |
|---|---|
| 369 N. New York Avenue , Suite 201<br><br>Winter Park , Florida | 32789 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s Telephone Number, including area code
( 407 ) 904-3324
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | |
|---|---|
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered Pursuant to Section 12(b) of the Act
| | | |
|---|---|---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.01 Par Value | PINE | NYSE |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On February 6, 2025, Alpine Income Property Trust, Inc., a Maryland corporation (the "Company"), issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter and year ended December 31, 2024. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 7.01. Regulation FD Disclosure
On February 6, 2025, the Company issued an earnings press release and an investor presentation relating to the Company’s financial results for the quarter and year ended December 31, 2024. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.
The information in Item 7.01 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Earnings Press Release dated February 6, 2025
99.2 Investor Presentation dated February 6, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 6, 2025
Alpine Income Property Trust, Inc.
By: /s/ Philip R. Mays
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
Press
Press Release
| <br><br><br><br> | QUARTER 2024 OPERATING RESULTS<br><br> |
|---|---|
| FOR<br><br>IMMEDIATE<br><br>RELEASE | ALPINE INCOME PROPERTY TRUST REPORTS FOURTH<br><br>QUARTER AND FULL YEAR 2024 OPERATING RESULTS<br><br><br><br>- Fourth Quarter Net Loss of $0.06 per diluted share and FFO and AFFO of $0.44 per diluted share -<br><br>- Closed Investments of $134.7 million at an 8.7% cash yield in 2024 –<br><br>- Increases Dividend for Q1 2025 -<br><br>- Provides 2025 Outlook -<br><br> |
WINTER PARK, FL – February 6, 2025 **** – Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the quarter and year ended December 31, 2024.
“We completed a robust year growing AFFO per share by 17%, permitting us to once again increase our dividend while maintaining a well-covered payout ratio,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “Our growth was driven by accretive recycling as we closed over $130 million in investments at an 8.7% yield, while selectively pruning our portfolio with over $75 million in dispositions at a 7.1% cap rate. Further, we reduced exposure to Walgreens and increased our weighted average remaining lease term to 8.7 years.”
Fourth Quarter and Full Year 2024 Highlights ****
The table below provides a summary of the Company’s operating results for the three months and year ended December 31, 2024 (dollars in thousands, except per share data):
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Three Months Ended | | Year Ended | ||||||||
| | | December 31, 2024 | | December 31, 2023 | | December 31, 2024 | | December 31, 2023 | ||||
| Total Revenues | | $ | 13,791 | | $ | 11,581 | | $ | 52,227 | | $ | 45,644 |
| Net Income (Loss) Attributable to PINE | | $ | (958) | | $ | 335 | | $ | 2,066 | | $ | 2,917 |
| Net Income (Loss) per Diluted Share Attributable to PINE | | $ | (0.06) | | $ | 0.02 | | $ | 0.14 | | $ | 0.19 |
| FFO ^(1)^ | | $ | 6,965 | | $ | 5,646 | | $ | 26,098 | | $ | 22,910 |
| FFO per Diluted Share ^(1)^ | | $ | 0.44 | | $ | 0.37 | | $ | 1.73 | | $ | 1.47 |
| AFFO ^(1)^ | | $ | 6,894 | | $ | 5,801 | | $ | 26,185 | | $ | 23,211 |
| AFFO per Diluted Share ^(1)^ | | $ | 0.44 | | $ | 0.38 | | $ | 1.74 | | $ | 1.49 |
| ^(1)^ | See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share. |
|---|
Page 1
Investment Activity
The table below provides a summary of the Company’s acquisitions for the three months and year ended December 31, 2024 (dollars in thousands):
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | For the Three Months Ended December 31, 2024 | | For the Year Ended December 31, 2024 | ||||||||
| | | Number of Investments | | Amount | | Number of Investments | | Amount | ||||
| Properties | | | 6 | | $ | 50,500 | | | 12 | | $ | 103,600 |
| Commercial Loans and Investments | | | — | | | — | | | 3 | | | 31,087 |
| Totals | | | 6 | | $ | 50,500 | | | 15 | | $ | 134,687 |
| | | | | | | | | | | | | |
| Properties - Weighted Average Initial Cash Cap Rate | | | | | | 7.6% | | | | | | 8.2% |
| Commercial Loans and Investments - Weighted Average Initial Yield | | | | | | — % | | | | | | 10.7% |
| Total Investments - Weighted Average Initial Yield | | | | | | 7.6% | | | | | | 8.7% |
| Properties Weighted Average Remaining Lease Term | | | | | | 7.7 years | | | | | | 15.8 years |
Disposition Activity
The table below provides a summary of the Company’s dispositions for the three months and year ended December 31, 2024 (dollars in thousands):
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | For the Three Months Ended December 31, 2024 | | For the Year Ended December 31, 2024 | ||||||||
| | | Number of Investments | | Amount | | Number of Investments | | Amount | ||||
| Properties | | | 5 | | $ | 6,782 | | | 15 | | $ | 61,957 |
| Commercial Loans and Investments | | | — | | | — | | | 1 | | | 13,632 |
| Totals | | | 5 | | $ | 6,782 | | | 16 | | $ | 75,589 |
| | | | | | | | | | | | | |
| Properties - Weighted Average Exit Cash Cap Rate | | | | | | 7.3% | | | | | | 6.9% |
| Commercial Loans and Investments - Weighted Average Yield | | | | | | — % | | | | | | 8.0% |
| Total Investments - Weighted Average Yield | | | | | | 7.3% | | | | | | 7.1% |
Property Portfolio ^(1)^
The Company’s property portfolio^^consisted of the following as of December 31, 2024:
| | | |
|---|---|---|
| Number of Properties | | 134 |
| Square Feet | | 3.9 million |
| Annualized Base Rent (ABR) | | $44.3 million |
| Weighted Average Remaining Lease Term | | 8.7 years |
| States where Properties are Located | | 35 |
| Industries | | 27 |
| Occupancy | | 98.0% |
| | | |
| % of ABR Attributable to Investment Grade Rated Tenants^^ | | 51% |
| % of ABR Attributable to Credit Rated Tenants | | 84% |
| % of ABR Attributable to Sale-Leaseback Tenants ^(1)^ | | 9% |
| (1) | During the year ended December 31, 2024, the Company acquired three single-tenant income properties (“the Tampa Properties”) in the greater Tampa Bay, Florida area for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option. This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes and, as such, the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Tampa Properties, as they constitute real estate assets for both legal and tax purposes. |
|---|
Page 2
The Company’s property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of December 31, 2024:
| | | | | |
|---|---|---|---|---|
| Tenant | | Credit Rating | | % of ABR |
| Dicks Sporting Goods | | BBB / Baa2 | | 10% |
| Lowe's | | BBB+ / Baa1 | | 10% |
| Beachside Hospitality Group | | NR / NR | | 9% |
| Walgreens | | BB- / Ba3 | | 8% |
| Dollar Tree/Family Dollar | | BBB / Baa2 | | 8% |
| At Home | | CCC / Caa3 | | 5% |
| Best Buy | | BBB+ / A3 | | 5% |
| Dollar General | | BBB / Baa2 | | 5% |
| Walmart | | AA / Aa2 | | 4% |
| Bass Pro Shops | | BB- / Ba3 | | 3% |
| BJ's Wholesale Club | | BB+ / Ba1 | | 3% |
| Home Depot | | A / A2 | | 2% |
| Kohl's | | BB- / Ba3 | | 2% |
| Other | | | | 26% |
| Total | | | | 100% |
The Company’s property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of December 31, 2024:
| | | |
|---|---|---|
| Industry | | % of ABR |
| Sporting Goods | | 16% |
| Home Improvement | | 13% |
| Dollar Stores | | 12% |
| Casual Dining | | 10% |
| Home Furnishings | | 9% |
| Pharmacy | | 9% |
| Consumer Electronics | | 7% |
| Grocery | | 4% |
| Off-Price Retail | | 3% |
| Wholesale Club | | 3% |
| General Merchandise | | 3% |
| Entertainment | | 3% |
| Automotive Parts | | 2% |
| Other | | 6% |
| Total | | 100% |
Page 3
The Company’s property portfolio included properties in the following top states that represent 2.0% or greater of the Company’s total ABR as of December 31, 2024:
| | | |
|---|---|---|
| State | | % of ABR |
| New Jersey | | 10% |
| Florida | | 10% |
| New York | | 8% |
| North Carolina | | 7% |
| Illinois | | 7% |
| Michigan | | 7% |
| Texas | | 6% |
| Ohio | | 6% |
| Georgia | | 4% |
| Minnesota | | 4% |
| West Virginia | | 3% |
| Tennessee | | 3% |
| Kansas | | 2% |
| Arizona | | 2% |
| Louisiana | | 2% |
| Other | | 19% |
| Total | | 100% |
Balance Sheet and Capital Markets (dollars in thousands, except per share data)
| | | |
|---|---|---|
| | As of December 31, 2024 | |
| Leverage | | |
| Net Debt / Total Enterprise Value | | 52.6% |
| Net Debt / Pro Forma Adjusted EBITDA | | 7.4x |
| Fixed Charge Coverage Ratio | | 3.5x |
| | | |
| Liquidity | | |
| Available Capacity Under Revolving Credit Facility | $ | 89,545 |
| Cash, Cash Equivalents and Restricted Cash | | 5,564 |
| Total Liquidity | $ | 95,109 |
The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of December 31, 2024, the Company had an outstanding balance of $102.0 million under the Revolving Credit Facility and $89.5 million available capacity.
The following table provides a summary of sales of shares of common stock under the Company’s ATM offering program for the three months and year ended December 31, 2024:
| | | | | | |
|---|---|---|---|---|---|
| ATM Program | For the Three Months Ended December 31, 2024 | | For the Year Ended December 31, 2024 | ||
| Shares Issued | | 435,745 | | | 1,059,271 |
| Weighted Average Price per Share (Gross) | $ | 17.98 | | $ | 18.04 |
| Net Proceeds | $ | 7,718 | | $ | 18,825 |
Page 4
The following table provides a summary of the Company’s long-term debt as of December 31, 2024:
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| | | As of December 31, 2024 | |||||||
| | | Face Value Debt | | Stated Interest Rate | | Wtd. Avg. Rate | | Maturity Date | |
| Revolving Credit Facility^(1)^ | | $ | 102,000 | | SOFR + 0.10% +<br>[1.25% - 2.20%] | | 5.31% | | January 2027 |
| 2026 Term Loan^(2)^ | | | 100,000 | | SOFR + 0.10% +<br>[1.35% - 1.95%] | | 3.50% | | May 2026 |
| 2027 Term Loan^(3)^ | | | 100,000 | | SOFR + 0.10% +<br>[1.25% - 1.90%] | | 3.45% | | January 2027 |
| Total Debt/Weighted-Average Rate | | $ | 302,000 | | | | 4.10% | | |
| ^(1)^ | As of December 31, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.21% plus the SOFR adjustment of 0.10% and the applicable spread on $50 million of the outstanding balance on the Company’s Revolving Credit Facility. |
|---|---|
| ^(2)^ | As of December 31, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance. |
| --- | --- |
| ^(3)^ | As of December 31, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance. |
| --- | --- |
As of December 31, 2024, the Company held a 92.3% interest in Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership” or “OP”). There were 1,223,854 OP Units held by third parties outstanding and 14,691,982 shares of the Company’s common stock outstanding, for total outstanding common stock and OP Units held by third parties of 15,915,836 as of December 31, 2024.
Dividends
The Company’s Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.285 per share of common stock for the first quarter of 2025 (the “Common Stock Cash Dividend”). The Common Stock Cash Dividend represents a 1.8% increase as compared to the Company’s previous quarterly cash dividend of $0.280 per share of common stock and an annualized yield of approximately 6.6% based on the closing price of the Company’s common stock on February 5, 2025.
The Common Stock Cash Dividend is payable on March 31, 2025, to stockholders of record as of the close of business on March 13, 2025, and the ex-dividend date for the Common Stock Cash Dividend is March 13, 2025.
The table below provides a summary of the Company’s dividends for the three months and year ended December 31, 2024:
| | | | | | |
|---|---|---|---|---|---|
| | For the Three Months Ended December 31, 2024 | | For the Year Ended December 31, 2024 | ||
| Dividends Declared and Paid per Share | $ | 0.280 | | $ | 1.110 |
| FFO Payout Ratio | | 63.6% | | | 64.2% |
| AFFO Payout Ratio | | 63.6% | | | 63.8% |
Page 5
2025 Outlook
The Company’s outlook for 2025 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Commission.
The Company’s outlook for 2025 is as follows:
| | | | | |
|---|---|---|---|---|
| | | Outlook Range for 2025 | ||
| (Unaudited) | | Low | | High |
| Investments | | $50 million | to | $80 million |
| Dispositions | | $20 million | to | $30 million |
| FFO per Diluted Share | | $1.70 | to | $1.73 |
| AFFO per Diluted Share | | $1.70 | to | $1.73 |
| Weighted Average Diluted Shares Outstanding | | 16.0 million | to | 16.5 million |
The outlook also assumes a $0.08 per diluted share impact in 2025 related to one recent and one anticipated vacancy that are both currently expected to remain vacant for the full year.
The following table provides a reconciliation of the outlook range of the Company’s 2025 estimated Net Income per Diluted Share to estimated FFO and AFFO per Diluted Share:
| | | | | | | |
|---|---|---|---|---|---|---|
| | | Outlook Range for 2025 | ||||
| (Unaudited) | | Low | | High | ||
| Net Income per Diluted Share | | $ | 0.04 | | $ | 0.07 |
| Depreciation and Amortization | | | 1.66 | | | 1.66 |
| Provision for Impairment ^(1)^ | | | - | | | - |
| Gain on Disposition of Assets ^(1)^ | | | - | | | - |
| FFO per Diluted Share | | $ | 1.70 | | $ | 1.73 |
| Adjustments: | | | | | | |
| Amortization of Intangible Assets and Liabilities to Lease Income | | | (0.04) | | | (0.04) |
| Straight-Line Rent Adjustment | | | (0.05) | | | (0.05) |
| Non-Cash Compensation | | | 0.02 | | | 0.02 |
| | | | | | | |
| Amortization of Deferred Financing Costs to Interest Expense | | | 0.05 | | | 0.05 |
| Other Non-Cash Adjustments | | | 0.02 | | | 0.02 |
| AFFO per Diluted Share | | $ | 1.70 | | $ | 1.73 |
| ^(1)^ | The Company’s outlook excludes projections related to these measures. | |||||
| --- | --- |
Fourth Quarter and Year End 2024 Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the quarter and year ended December 31, 2024, on Friday, February 7, 2025, at 9:00 AM ET.
A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.
Webcast:https://edge.media-server.com/mmc/p/67awm68b
Dial-In:https://register.vevent.com/register/BI6b9bae4814284ad98f5ebac51336466d
We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.alpinereit.com.
Page 6
About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.
We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.
Contact:Philip R. Mays
Senior Vice President, Chief Financial Officer and Treasurer
(407) 904-3324
pmays@alpinereit.com
Safe Harbor
This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in first mortgage investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics (such as the COVID-19 Pandemic and its variants) on the Company’s business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”) Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
Page 7
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.
To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.
To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.
FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.
Other Definitions
Annualized Base Rent represents the annualized in-place straight-line base rent required by the tenant’s lease.
Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.
Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of December 31, 2024.
Weighted Average Remaining Lease Term is weighted by the annualized base rent and does not assume the exercise of any tenant purchase options.
Page 8
Alpine Income Property Trust, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
| | | | | | |
|---|---|---|---|---|---|
| | As of | ||||
| | December 31, 2024 | **** | December 31, 2023 | ||
| ASSETS | | | | ||
| Real Estate: | | | | | |
| Land, at Cost | $ | 147,912 | | $ | 149,314 |
| Building and Improvements, at Cost | | 341,955 | | | 328,993 |
| Total Real Estate, at Cost | | 489,867 | | | 478,307 |
| Less, Accumulated Depreciation | | (45,850) | | | (34,714) |
| Real Estate—Net | | 444,017 | | | 443,593 |
| Assets Held for Sale | | 2,254 | | | 4,410 |
| Commercial Loans and Investments | | 89,629 | | | 35,080 |
| Cash and Cash Equivalents | | 1,578 | | | 4,019 |
| Restricted Cash | | 6,373 | | | 9,712 |
| Intangible Lease Assets—Net | | 43,925 | | | 49,292 |
| Straight-Line Rent Adjustment | | 1,485 | | | 1,409 |
| Other Assets | | 15,734 | | | 17,045 |
| Total Assets | $ | 604,995 | | $ | 564,560 |
| LIABILITIES AND EQUITY | | | | | |
| Liabilities: | | | | | |
| Accounts Payable, Accrued Expenses, and Other Liabilities | $ | 8,445 | | $ | 5,736 |
| Prepaid Rent and Deferred Revenue | | 2,412 | | | 2,627 |
| Intangible Lease Liabilities—Net | | 4,774 | | | 4,907 |
| Obligation Under Participation Agreement | | 11,403 | | | — |
| Long-Term Debt | | 301,466 | | | 275,677 |
| Total Liabilities | | 328,500 | | | 288,947 |
| Commitments and Contingencies | | | | | |
| Equity: | | | | | |
| Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2023 | | — | | | — |
| Common Stock, $0.01 par value per share, 500 million shares authorized, 14,691,982 shares issued and outstanding as of December 31, 2024 and 13,659,207 shares issued and outstanding as of December 31, 2023 | | 147 | | | 137 |
| Additional Paid-in Capital | | 261,831 | | | 243,690 |
| Dividends in Excess of Net Income | | (15,722) | | | (2,359) |
| Accumulated Other Comprehensive Income | | 6,771 | | | 9,275 |
| Stockholders' Equity | | 253,027 | | | 250,743 |
| Noncontrolling Interest | | 23,468 | | | 24,870 |
| Total Equity | | 276,495 | | | 275,613 |
| Total Liabilities and Equity | $ | 604,995 | | $ | 564,560 |
Page 9
Alpine Income Property Trust, Inc.
Consolidated Statements of Operations
(In thousands, except share, per share and dividend data)
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | (Unaudited) Three Months Ended | | Year Ended | ||||||||
| | | December 31, 2024 | | December 31, 2023 | | December 31, 2024 | | December 31, 2023 | ||||
| Revenues: | | | | | | | | | | | | |
| Lease Income | | $ | 11,493 | | $ | 11,016 | | $ | 46,005 | | $ | 44,967 |
| Interest Income from Commercial Loans and Investments | | | 2,209 | | | 525 | | | 5,761 | | | 637 |
| Other Revenue | | | 89 | | | 40 | | | 461 | | | 40 |
| Total Revenues | | | 13,791 | | | 11,581 | | | 52,227 | | | 45,644 |
| Operating Expenses: | | | | | | | | | | | | |
| Real Estate Expenses | | | 2,224 | | | 1,849 | | | 7,793 | | | 6,580 |
| General and Administrative Expenses | | | 1,588 | | | 1,478 | | | 6,575 | | | 6,301 |
| Provision for Impairment | | | 583 | | | 356 | | | 1,693 | | | 3,220 |
| Depreciation and Amortization | | | 6,520 | | | 6,472 | | | 25,594 | | | 25,758 |
| Total Operating Expenses | | | 10,915 | | | 10,155 | | | 41,655 | | | 41,859 |
| Gain (Loss) on Disposition of Assets | | | (901) | | | 1,552 | | | 3,443 | | | 9,334 |
| Gain on Extinguishment of Debt | | | — | | | — | | | — | | | 23 |
| Net Income From Operations | | | 1,975 | | | 2,978 | | | 14,015 | | | 13,142 |
| Investment and Other Income | | | 61 | | | 63 | | | 247 | | | 289 |
| Interest Expense | | | (3,075) | | | (2,671) | | | (12,008) | | | (10,165) |
| Net Income (Loss) | | | (1,039) | | | 370 | | | 2,254 | | | 3,266 |
| Less: Net Loss (Income) Attributable to Noncontrolling Interest | | | 81 | | | (35) | | | (188) | | | (349) |
| Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. | | $ | (958) | | $ | 335 | | $ | 2,066 | | $ | 2,917 |
| | | | | | | | | | | | | |
| Per Common Share Data: | | | | | | | | | | | | |
| Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. | | | | | | | | | | | | |
| Basic | | $ | (0.07) | | $ | 0.02 | | $ | 0.15 | | $ | 0.21 |
| Diluted | | $ | (0.06) | | $ | 0.02 | | $ | 0.14 | | $ | 0.19 |
| | | | | | | | | | | | | |
| Weighted Average Number of Common Shares: | | | | | | | | | | | | |
| Basic | | | 14,437,542 | | | 13,698,617 | | | 13,858,257 | | | 13,925,362 |
| Diluted ^(1)^ | | | 15,661,396 | | | 15,131,010 | | | 15,082,111 | | | 15,560,524 |
| | | | | | | | | | | | | |
| Dividends Declared and Paid | | $ | 0.280 | | $ | 0.275 | | $ | 1.110 | | $ | 1.100 |
| ^(1)^ | Includes the weighted average of 1,223,854 shares during the quarter and year ended December 31, 2024, 1,432,393 shares during the quarter ended December 31, 2023, and 1,635,162 shares during the year ended December 31, 2023, in each case, underlying OP Units including (i) 1,223,854 shares underlying OP Units issued to CTO Realty Growth, Inc. and (ii) 479,640 shares underlying OP Units issued to an unrelated third party, which OP Units were redeemed by PINE for an equivalent number of shares of common stock of PINE during the quarter ended December 31, 2023. |
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Page 10
Alpine Income Property Trust, Inc.
Non-GAAP Financial Measures
Funds From Operations and Adjusted Funds From Operations
(Unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Three Months Ended | | Year Ended | ||||||||
| | | December 31, 2024 | | December 31, 2023 | | December 31, 2024 | | December 31, 2023 | ||||
| Net Income (Loss) | | $ | (1,039) | | $ | 370 | | $ | 2,254 | | $ | 3,266 |
| Depreciation and Amortization | | | 6,520 | | | 6,472 | | | 25,594 | | | 25,758 |
| Provision for Impairment | | | 583 | | | 356 | | | 1,693 | | | 3,220 |
| Loss (Gain) on Disposition of Assets | | | 901 | | | (1,552) | | | (3,443) | | | (9,334) |
| Funds From Operations | | $ | 6,965 | | $ | 5,646 | | $ | 26,098 | | $ | 22,910 |
| Adjustments: | | | | | | | | | | | | |
| Gain on Extinguishment of Debt | | | — | | | — | | | — | | | (23) |
| Amortization of Intangible Assets and Liabilities to Lease Income | | | (156) | | | (118) | | | (517) | | | (417) |
| Straight-Line Rent Adjustment | | | (145) | | | (16) | | | (515) | | | (402) |
| Non-Cash Compensation | | | 9 | | | 80 | | | 247 | | | 318 |
| Amortization of Deferred Financing Costs to Interest Expense | | | 180 | | | 180 | | | 720 | | | 710 |
| Other Non-Cash Adjustments | | | 41 | | | 29 | | | 152 | | | 115 |
| Adjusted Funds From Operations | | $ | 6,894 | | $ | 5,801 | | $ | 26,185 | | $ | 23,211 |
| | | | | | | | | | | | | |
| FFO per Diluted Share | | $ | 0.44 | | $ | 0.37 | | $ | 1.73 | | $ | 1.47 |
| AFFO per Diluted Share | | $ | 0.44 | | $ | 0.38 | | $ | 1.74 | | $ | 1.49 |
Page 11
Alpine Income Property Trust, Inc.
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
(Unaudited)
(In thousands)
| | | | | |
|---|---|---|---|---|
| | | Three Months Ended December 31, 2024 | | |
| Net Loss | | $ | (1,039) | |
| Adjustments: | | | | |
| Depreciation and Amortization | | | 6,520 | |
| Provision for Impairment | | | 583 | |
| Loss on Disposition of Assets | | | 901 | |
| Amortization of Intangible Assets and Liabilities to Lease Income | | | (156) | |
| Straight-Line Rent Adjustment | | | (145) | |
| Non-Cash Compensation | | | 9 | |
| Amortization of Deferred Financing Costs to Interest Expense | | | 180 | |
| Other Non-Cash Adjustments | | | 41 | |
| Other Non-Recurring Items | | | (13) | |
| Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement | | | 2,640 | |
| Adjusted EBITDA | | $ | 9,521 | |
| | | | | |
| Annualized Adjusted EBITDA | | $ | 38,084 | |
| Pro Forma Annualized Impact of Current Quarter Investment Activity^(1)^ | | | 1,998 | |
| Pro Forma Adjusted EBITDA | | $ | 40,082 | |
| | | | | |
| Total Long-Term Debt | | $ | 301,466 | |
| Financing Costs, Net of Accumulated Amortization | | | 534 | |
| Cash and Cash Equivalents | | | (1,578) | |
| Restricted Cash | | | (3,986) | |
| Net Debt | | $ | 296,436 | |
| | | | | |
| Net Debt to Pro Forma Adjusted EBITDA | | | 7.4 | x |
| ^(1)^ | Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended December 31, 2024. |
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Page 12
Exhibit 99.2
| Fourth Quarter 2024<br>Investor Presentation | ||
|---|---|---|
| 2<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Company Snapshot<br>As of December 31, 2024, unless otherwise noted. PINE stock price on 12/31/2024 was $16.79.<br>1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the “Tampa Properties”) were purchased through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted<br>for as a financing arrangement and, as such, the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, as the Tampa Properties<br>constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.<br>2. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options.<br>134<br>Properties<br>$564M<br>Enterprise Value<br>$144 TEV / SF<br>3.9M<br>Total Portfolio<br>Square Feet<br>8.1%<br>Implied Cap Rate<br>100%<br>Retail Net Lease<br>Portfolio<br>51% of ABR<br>From Investment<br>Grade-Rated Tenants<br>6.7%<br>Annualized<br>Dividend Yield<br>$267M<br>Equity Market<br>Capitalization<br>Portfolio1 Value + Income<br>8.7 Years<br>W.A. Lease Term2 | |
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| 3<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>FY 2024 Highlights<br>▪ Acquired 15 investments (including 3<br>loans) for a total of $134.7 million at a<br>weighted cap rate of 8.7%<br>▪ Sold 16 properties (including 1 loan) for a<br>total of $75.6 million at a weighted-average cap rate of 7.1%<br>Active asset management<br>Reduced Walgreens<br>▪ Originated / purchased three loans totaling<br>$31.1 million ($26.5 million funded in 2024)<br>with a weighted average initial yield of<br>10.7%<br>▪ The largest loan with a commitment of $17.8<br>million is secured by a Publix-anchored<br>shopping center in Charlotte, NC<br>Invested in higher-yielding loans<br>▪ Sold three Walgreens, decreasing<br>Walgreens to fourth largest tenant and<br>expect Walgreens to decrease further<br>▪ Selling smaller investment grade properties<br>with limited presence (e.g. AutoZone) to<br>recycle into blue-chip tenants like Lowe’s<br>and higher-yielding assets<br>Organic growth<br>through asset recycling<br>▪ Weighted-average lease term is 8.7 years,<br>up from 7.0 years at the beginning of 2024<br>▪ FFO per share increased by 17.7% year-over-year<br>▪ AFFO per share increased by 16.8% year-over-year<br>Grew lease term &<br>AFFO per share<br>Opportunistically<br>raised capital &<br>decreased leverage<br>▪ Issued 1,059,271 common shares under<br>ATM program for net proceeds of $18.8<br>million<br>▪ Decreased Net Debt to Pro Forma Adjusted<br>EBITDA to 7.4x from 7.7x year-over-year<br>▪ Leverage of 53% as a percent of TEV<br>▪ 42.5% increase in the quarterly<br>dividend since the beginning of 2020<br>▪ 64% AFFO payout ratio<br>Increased well-supported dividend<br>Reduced Walgreens, Decreased Leverage, Grew Lease Term & AFFO per Share, Increased Dividend | |
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| 4<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>10.3%<br>10.1%<br>8.6%<br>7.9%<br>7.6%<br>5.4%<br>5.0%<br>4.8%<br>4.2%<br>3.1%<br>BBB<br>BBB+<br>N/A<br>BB<br>BBB<br>CCC<br>BBB+<br>BBB<br>AA<br>BB-High-Quality, 100% Retail Net Lease Portfolio<br>Number of Net Lease Properties 134<br>Number of States with a Property 35<br>Total Portfolio Square Feet 3.9M<br>Current Occupancy 98%<br>% Investment Grade-Rated Tenants (by ABR)2<br>51%<br>Enterprise Value PSF $144<br>Average Rent PSF3<br>$11.35<br>Weighted Average Lease Term4<br>8.7 Years<br>Key Portfolio Stats1<br>Top Tenants by ABR<br>Investment Grade Sub-Investment Grade / NR<br>As of December 31, 2024, unless otherwise noted.<br>1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the “Tampa Properties”) were purchased through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted<br>for as a financing arrangement and, as such, the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, as the Tampa Properties<br>constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.<br>2. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC).<br>3. Annualized Base Rent (“ABR”) represents the annualized in-place straight-line base rent required by the tenant’s lease.<br>4. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options.<br>Low Rent PSF, Basis Below Replacement Cost | |
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| 5<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Sector ABR %<br>Sporting Goods 16%<br>Home Improvement 13%<br>Dollar Stores 12%<br>Casual Dining 10%<br>Home Furnishings 9%<br>Pharmacy 9%<br>Consumer Electronics 7%<br>Grocery 4%<br>Off-Price Retail 3%<br>Wholesale Club 3%<br>Other 14%<br>Total 100%<br>Diversified Portfolio<br>Top States by ABR<br>As of December 31, 2024, unless otherwise noted.<br>Top Sectors by ABR<br>State Properties $ABR % ABR<br>New Jersey 10 $4,607 10%<br>Florida 5 4,430 10%<br>New York 13 3,352 8%<br>North Carolina 7 2,989 7%<br>Illinois 5 2,934 7%<br>Michigan 6 2,925 7%<br>Texas 11 2,873 6%<br>Ohio 8 2,636 6%<br>Georgia 6 1,777 4%<br>Minnesota 3 1,587 4%<br>Other 60 14,220 31%<br>Total 134 $44,329 100%<br>Located in Strong & Growing Markets | |
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| 6<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>$477<br>$365<br>$324 $314<br>$219 $209<br>$159 $144<br>Peer Average: $295<br>FCPT EPRT NNN FVR O ADC NTST PINE<br>Margin of Safety: Portfolio TEV Basis at Discount to<br>Replacement Cost, Closer to Land Value than Peers<br>High-Quality Portfolio with Valuation<br>Upside<br>▪ Total enterprise value (TEV) is $144 per<br>square foot, allowing shareholders to<br>invest below replacement cost.<br>Better Margin of Safety with Stickier<br>Tenants<br>▪ Average rent per square foot of $11.35<br>▪ Occupancy costs for tenants<br>meaningfully below market rents given<br>the inflationary pressure on building and<br>land costs<br>▪ Tenants may be more likely to exercise<br>their renewal options at expiration<br>1. Total Enterprise Value for each peer net lease company is from the KeyBank Weekly Leaderboard report dated 12/31/2024, except for FVR which is<br>calculated using balance sheet metrics from the 9/30/2024 10-Q and price as of 12/31/2024.<br>2. Portfolio size is based on total square feet and is from available information published on each company’s website or their latest investor presentation,<br>as of January 30, 2025. Portfolio information for PINE is as of December 31, 2024.<br>TEV1 Per Square Foot2<br>6<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Basis per Square Foot is Less Than Half of Peer Average’s |
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| 7<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Investment Grade<br>51%<br>Non-Investment<br>Grade 33%<br>Not Rated<br>16%<br>Tenant Credit and Operational Transparency<br>▪ 84% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better<br>tenant financial and operational transparency<br>Credit ratings from S&P Global Ratings and Moody’s Investor Services.<br>1. PINE percentages as of 12/31/2024. Peer percentages sourced from the latest public filings as of 9/30/2024, except for NNN which is as of 12/31/2023 the date last reported.<br>IG Profile for Peers1 PINE Portfolio by Credit Rating (% of ABR)<br>Total Credit Rated 84%<br>17%<br>32%<br>38%<br>51%<br>57%<br>61%<br>69%<br>ADC NTST FCPT PINE FVR O NNN<br>Focused on Credit-Rated and/or Publicly-Traded Tenants with Operational Transparency | |
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| 8<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Minimal Lease Expirations through 2026<br>Lease Rollover Schedule<br>As of December 31, 2024, unless otherwise noted.<br>1. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options.<br>0.1%<br>3.2%<br>10.6%<br>10.0%<br>12.1%<br>6.1%<br>10.9%<br>12.7%<br>7.5%<br>2.7%<br>4.5%<br>1.4%<br>3.1%<br>1.4%<br>0.4%<br>13.3%<br>% of ABR Expiring<br>8.7 Years of Weighted Average Lease Term Remaining 1 | |
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| 9<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Record of Growth, Diversification and Higher Quality Portfolio<br>2019 (IPO)<br>Number of Net Lease Properties 20 134<br>Number of States with a Property 12 35<br>Total Portfolio Square Feet 0.9M 3.9M<br>Annualized Base Rent (ABR) $13.3M $44.3M<br>Top Tenant as a % of ABR 21%<br>Wells Fargo (S&P: A+)<br>10%<br>Dicks (S&P: BBB)<br>Top Sector as a % of ABR 21%<br>Financial Services<br>16%<br>Sporting Goods<br>Top State as a % of ABR 26%<br>Florida<br>10%<br>New Jersey<br>% of ABR from IG Rated Tenants 36% 51%<br>% of ABR from Credit Rated Tenants 89% 84%<br>2024<br>Track Record of Successful Business Plan Execution | |
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| 10<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>© GeoNames, Microsoft, TomTom<br>Powered by Bing<br>Major Market, Strong Demographic-Driven Portfolio<br>▪ Geographically diversified portfolio focused on major<br>markets and areas benefitting from demographic shifts<br>and attractive supply/demand dynamics<br>▪ 55% of ABR comes from metropolitan statistical areas1<br>with population in excess of one million people<br>% of Annualized Base Rent By State<br>1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of Management and Budget. The<br>names of the MSA have been shortened for ease of reference.<br>2. Based on 2024 Average Household Income (5-mile) and 2024 Total Population (5-mile) data from Esri.<br>Total Portfolio Weighted Average<br>5-Mile Average Household Income $109,900 2<br>Total Portfolio Weighted Average<br>5-Mile Total Population 108,740 2<br>▪ 49% of portfolio ABR comes from the Company’s top 10 MSAs1<br>▪ More than 60% of ABR from those top 10 MSAs1<br>comes from major markets<br>of Tampa, Philadelphia, Charlotte, Chicago, and Detroit<br>▪ Properties in the top 10 MSAs have a weighted average 5-mile average<br>household income of $121,2502<br>▪ Properties in the top 10 MSAs have a weighted average 5-mile total<br>population of 116,5002<br>>9% 5% - 8% < 4%<br>Focused on Strong & Growing Markets | |
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| 11<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>1<br>2<br>3<br>4<br>5<br>6<br>7<br>8<br>9<br>10<br>High-Quality Top Tenant Base<br>Disclosed % of Rents from Investment Grade-Rated Tenants 1<br>IG<br>RATED<br>PINE tenants as of 12/31/2024. Top ten tenants for peers based on published information available through each company’s investor presentation as of 9/30/2024, except for NNN which is as of 6/30/2024.<br>1. PINE percentages as of 12/31/2024. Peer percentages sourced from the latest public filings as of 9/30/2024, except for NNN which is as of 12/31/2023.<br>69% 51% 17% Not<br>Disclosed 57% 38% 32%<br>Only PINE Amongst Peers has or in Top Five Credits1<br>61% | |
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| 12<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>6.7%<br>5.9% 5.9% 5.7%<br>5.2% 4.7%<br>4.3% 3.8%<br>Peer Average:<br>5.1%<br>PINE NTST O NNN FCPT FVR ADC EPRT<br>$0.82<br>$1.02 $1.09 $1.10 $1.11 $1.14<br>2020 2021 2022 2023 2024 Q1 2025<br>Annualized<br>High-Yielding and Growing Dividend<br>Annualized Per Share Cash Dividend Yield<br>6.7%<br>As of December 31, 2024, unless otherwise noted.<br>1. Calculated using the 1Q 2025 announced dividend per share of $0.285, annualized.<br>2. All dividend yields are based on the closing stock price on December 31, 2024, using current annualized dividends for the peer net lease companies from the KeyBank<br>Weekly Leaderboard report dated 1/24/2025. FVR dividend sourced from 3Q 2024 earnings release.<br>Current Annualized Dividend<br>$1.14<br>1<br>High Yield from In-Place Dividend2<br>12<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>2024 FFO per share dividend payout ratio<br>64%<br>Increase in quarterly cash dividend since 2020<br>42.5%<br>PINE Dividend Per Share Paid<br>Relatively High-Yielding and Growing Dividend |
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| 13<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>80%<br>74%<br>71% 68%<br>65% 65% 65% 62%<br>Peer Average: 69%<br>FCPT O ADC NNN PINE FVR NTST EPRT<br>16.6x 16.3x<br>15.2x<br>13.6x<br>12.4x 12.0x<br>10.9x<br>9.8x<br>Peer Average: 13.9x<br>EPRT ADC FCPT FVR O NNN NTST PINE<br>Low Payout Ratio<br>Valuation Upside Created by Earnings Multiple Discount Relative to<br>Peers & Well-Covered Dividend<br>2025E AFFO Multiples 1<br>1. 2025E AFFO multiples and dividend yields are based on the closing stock price on December 31, 2024, using current annualized dividends and 2025E AFFO per share estimates for the peer net lease companies from the KeyBank Weekly<br>Leaderboard report dated 1/24/2025. 2025E AFFO per share estimate for FVR per FactSet. 2025E AFFO per share for PINE reflects the midpoint of guidance provided on February 6, 2025.<br>2025E AFFO Payout Ratio 1 | |
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| 14<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Decreased Leverage & Grew Equity in 2024, No Near-Term Maturities, $95M of Liquidity<br>$100 $100 $102<br>2024 2025 2026 2027 2028 2029 2030<br>Revolving Credit Facility Unsecured Term Loans<br>Financial Strength Provides Solid Platform for Growth<br>Staggered Debt Maturity Schedule<br>6<br>As of December 31, 2024. $ in millions; any differences a result of rounding.<br>1. As of December 31, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.21% plus the SOFR adjustment of 0.10% and the applicable spread on $50 million of the outstanding balance on the Company’s<br>Revolving Credit Facility.<br>2. As of December 31, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance.<br>3. As of December 31, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance.<br>4. See the “Non-GAAP Financial Information” section and tables at the end of this presentation for a discussion and reconciliation of Net Income to non-GAAP financial measures.<br>5. Net Debt to TEV (Total Enterprise Value) is the Company’s outstanding debt, minus the Company’s cash and cash equivalents, as a percentage of the Company’s enterprise value.<br>6. The Company’s senior unsecured revolving credit facility matures in January 2027 and includes a one-year extension option, subject to satisfaction of certain conditions; the maturity date reflected assumes the Company exercises the one-year extension option.<br>Well-Capitalized Balance Sheet as of 12/31/2024<br>Debt Face Value Debt Stated Interest Rate Wtd. Avg. Rate as of<br>December 31, 2024 Maturity Date<br>Revolving Credit Facility 1 $102,000 SOFR + 0.10% +<br>[1.25% - 2.20%] 5.31% January 2027<br>2026 Term Loan 2 $100,000 SOFR + 0.10% +<br>[1.35% - 1.95%] 3.50% May 2026<br>2027 Term Loan 3 $100,000 SOFR + 0.10% +<br>[1.25% - 1.90%] 3.45% January 2027<br>Total Debt/Weighted-Average Rate $302,000 4.10%<br>Shares & Units Outstanding 15,916<br>Equity Market Capitalization $267<br>Net Debt Outstanding $297<br>Total Enterprise Value $564<br>Net Debt to TEV 4 52.6%<br>Net Debt to Pro Forma Adjusted EBITDA 5 7.4x | |
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| 15<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Loan Investment Portfolio Breakdown<br>$ in millions; any differences a result of rounding.<br>1. In June 2024, the Company sold a $13.6 million A-1 participation interest in this portfolio loan. After adjusting for the Loan Participation Sale, PINE’s remaining investment in the Portfolio Loan is approximately $9.7 million as of December 31, 2024.<br>2. Excludes the three Tampa Properties, which were acquired in the third quarter of 2024 and purchased through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted for as a financing arrangement and, as such, the related<br>assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, as the Tampa Properties constitute real estate assets for both legal and tax purposes,<br>we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.<br>As of December 31, 2024<br>Description Loan Type Location Maturity Current Face<br>Amount Coupon Rate<br>1 Wawa Land Development Construction Loan Greenwood, IN July 2025 $7,149 9.25%<br>2 Wawa Land Development Construction Loan Antioch, TN October 2025 $4,694 9.50%<br>3 Portfolio Loan 1 Mortgage Note Various November 2026 $9,737 10.31%<br>4 Retail Outparcels Construction Loan Lawrenceville, GA January 2026 $6,618 11.25%<br>5 Wawa Land Development Construction Loan Mount Carmel, OH September 2025 $5,196 11.50%<br>6 Publix Land Development Construction Loan Charlotte, NC September 2025 $14,640 9.50%<br>Total / Weighted Average 2 $48,035 10.06%<br>Opportunistically Originates Loans with High Yields | |
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| 16<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Investment Grade Focus High Yield Focus<br>Investment Strategy<br>▪ Tenants often provide a combination of certain key<br>benefits:<br>▪ Financial stability and reliability<br>▪ Risk and default mitigation<br>▪ Consistent occupancy<br>▪ Enhanced property value<br>▪ Tenants often provide a different combination of key<br>benefits:<br>▪ Higher rental yields<br>▪ Potential for growth, such as rent escalations or<br>lease-up opportunities<br>▪ Tenant diversification<br>▪ Originates commercial loans and investments secured by real<br>estate1 with the same general fundamentals as our net lease<br>property investments<br>▪ First investment in July 2023 after identifying an attractive<br>risk/reward ratio in the current lending environment, providing<br>opportunities characterized by high yields, secured by quality real<br>estate<br>▪ May provide option to acquire the properties under certain<br>circumstances<br>▪ Key benefits include:<br>▪ Diversification of income streams<br>▪ Increased investment opportunities with high yields<br>▪ Attractive returns<br>1. Also includes commercial loans secured by the borrower’s pledge of its ownership interest in an entity that owns real estate.<br>Commercial Loans & Investments<br>Barbell Property Focus<br>16<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Balanced Investment Strategy that Delivers Results |
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| 17<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Corporate Responsibility<br>Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance,<br>and meaningful corporate social responsibility programs.<br>Committed Focus<br>Committed to maintaining an environmentally conscious culture, the utilization of<br>environmentally friendly & renewable products, and the promotion of sustainable business<br>practices<br>Tenant Alignment<br>Alignment with environmentally aware tenants who have strong sustainability programs and<br>initiatives embedded into their corporate culture and business practices<br>Social Responsibility<br>Environmental Responsibility Corporate Governance<br>▪ Independent Chairman of the Board and 5 of 6 Directors<br>classified as independent<br>▪ Annual election of all Directors<br>▪ Annual Board of Director evaluations<br>▪ Stock ownership requirements for all Directors<br>▪ Prohibition against hedging and pledging Alpine Income<br>Property Trust stock<br>▪ Robust policies and procedures for approval of related party<br>transactions<br>▪ Opted out of business combination and control share<br>acquisition statutes in the Maryland General Corporation Law<br>▪ All team members adhere to a comprehensive Code of<br>Business Conduct and Ethics policy<br>Inclusive and Supportive Company Culture<br>Dedicated to an inclusive and supportive office environment filled with diverse backgrounds<br>and perspectives, with a demonstrated commitment to financial, mental and physical wellness<br>Notable Community Outreach<br>Numerous and diverse community outreach programs, supporting environmental, artistic, civil<br>and social organizations in the community | |
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| 18<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>External Management Alignment<br>As of December 31, 2024.<br>Aligned Ownership<br>CTO currently owns an approximate 15% interest in PINE, meaningfully aligning its interests with PINE shareholders<br>Independent Board of Directors<br>PINE has its own independent Board of Directors and realizes economies of scale from the 37-member CTO team without the corresponding G&A expense<br>Internalization Anticipated in the Future<br>Internalization of management for PINE is anticipated in the future when the Company approaches or exceeds critical mass<br>Opportunities for Collaboration<br>PINE reviews transaction opportunities resulting from CTO’s acquisition efforts that it otherwise would not see in the market through normal single tenant<br>acquisition efforts and relationships<br>Benefits and Alignment of External Management<br>Notable Management Agreement Terms<br>▪ Expires January 2026, with one-year extension options thereafter<br>▪ Quarterly management fee of 0.375%, calculated on equity, net of share buybacks and issuance costs<br>▪ Terminable with payment of a one-time fee of 3x the annualized average management fee for the preceding 24-months<br>Alpine Income Property Trust is externally managed by CTO Realty Growth (NYSE: CTO) under an agreement that,<br>combined with CTO’s ownership in PINE, provides economies of scale, significant shareholder alignment and a<br>flexible/collapsible structure. | |
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| 19<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Disclaimer<br>This press presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,”<br>“might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the<br>inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the<br>Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent<br>uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the<br>forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and<br>economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant<br>defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in first mortgage investments, illiquidity of real estate<br>investments and potential damages from natural disasters, the impact of epidemics or pandemics (such as the COVID-19 Pandemic and its variants) on the Company’s<br>business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the<br>Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s<br>Annual Report on Form 10-K for the year ended December 31, 2024 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S.<br>Securities and Exchange Commission. Any forward-looking statement made in this presentation speaks only as of the date on which it is made. The Company undertakes no<br>obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.<br>References in this presentation:<br>1. All information is as of December 31, 2024, unless otherwise noted and any differences in calculations are assumed to be a function of rounding.<br>2. Annualized straight-line Base Rent (“ABR” or “Rent”) and the statistics based on ABR are calculated based on our current portfolio as of December 31, 2024.<br>3. Dividends are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or amount of dividends in the future.<br>4. The Company defines an Investment Grade (“IG”) Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors<br>Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P<br>Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an<br>Investment Grade Rated Tenant.<br>5. The Company defines a Credit Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or<br>the National Association of Insurance Commissioners. | |
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| 20<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Non-GAAP Financial Information<br>Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From<br>Operations (“FFO”) Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted<br>EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry<br>measures used by analysts and investors to compare the operating performance of REITs.<br>FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash<br>requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement<br>of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.<br>We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT<br>defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as<br>net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the<br>implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of<br>unconsolidated subsidiaries.<br>To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss<br>on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash<br>compensation, and other non-cash income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term<br>operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.<br>To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable<br>real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit<br>losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of<br>such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on<br>extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such<br>as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for<br>the annualized impact of acquisitions, dispositions and other similar activities.<br>FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because<br>it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of<br>real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure<br>for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We<br>also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating<br>performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO,<br>AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies. | |
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| 21<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Consolidated Statement of Operations<br>$ in thousands, except share and per share date<br>1. Includes the weighted average of 1,223,854 shares during the quarter and year ended December 31, 2024, 1,432,393 shares during the quarter ended December 31, 2023, and 1,635,162 shares during the year ended December 31, 2023, in each case, underlying OP Units<br>including (i) 1,223,854 shares underlying OP Units issued to CTO Realty Growth, Inc. and (ii) 479,640 shares underlying OP Units issued to an unrelated third party, which OP Units were redeemed by PINE for an equivalent number of shares of common stock of PINE during<br>the quarter ended December 31, 2023.<br>Revenues:<br>Lease Income $ 11,493 $ 11,016 $ 46,005 $ 44,967<br>Interest Income from Commercial Loans and Investments 2,209 525 5,761 637<br>Other Revenue 89 40 461 40<br>Total Revenues 13,791 11,581 52,227 45,644<br>Operating Expenses:<br>Real Estate Expenses 2,224 1,849 7,793 6,580<br>General and Administrative Expenses 1,588 1,478 6,575 6,301<br>Provision for Impairment 583 356 1,693 3,220<br>Depreciation and Amortization 6,520 6,472 25,594 25,758<br>Total Operating Expenses 10,915 10,155 41,655 41,859<br>Gain (Loss) on Disposition of Assets (901) 1,552 3,443 9,334<br>Gain on Extinguishment of Debt — — — 23<br>Net Income From Operations 1,975 2,978 14,015 13,142<br>Investment and Other Income 61 63 247 289<br>Interest Expense (3,075) (2,671) (12,008) (10,165)<br>Net Income (Loss) (1,039) 370 2,254 3,266<br>Less: Net Loss (Income) Attributable to Noncontrolling Interest 81 (35) (188) (349)<br>Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. $ (958) $ 335 $ 2,066 $ 2,917<br>Per Common Share Data:<br>Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.<br>Basic $ (0.07) $ 0.02 $ 0.15 $ 0.21<br>Diluted $ (0.06) $ 0.02 $ 0.14 $ 0.19<br>Weighted Average Number of Common Shares:<br>Basic 14,437,542 13,698,617 13,858,257 13,925,362<br>Diluted (1) 15,661,396 15,131,010 15,082,111 15,560,524<br>Dividends Declared and Paid $ 0.280 $ 0.275 $ 1.110 $ 1.100<br>Year Ended<br>December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023<br>(Unaudited)<br>Three Months Ended | |
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| 22<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>Non-GAAP Financial Measures Reconciliation:<br>Funds From Operations and Adjusted Funds From Operations<br>$ in thousands, except share and per share date<br>Net Income (Loss) $ (1,039) $ 370 $ 2,254 $ 3,266<br>Depreciation and Amortization 6,520 6,472 25,594 25,758<br>Provision for Impairment 583 356 1,693 3,220<br>Loss (Gain) on Disposition of Assets 901 (1,552) (3,443) (9,334)<br>Funds From Operations $ 6,965 $ 5,646 $ 26,098 $ 22,910<br>Adjustments:<br>Gain on Extinguishment of Debt — — — (23)<br>Amortization of Intangible Assets and Liabilities to Lease Income (156) (118) (517) (417)<br>Straight-Line Rent Adjustment (145) (16) (515) (402)<br>COVID-19 Rent Repayments — — — —<br>Non-Cash Compensation 9 80 247 318<br>Amortization of Deferred Financing Costs to Interest Expense 180 180 720 710<br>Other Non-Cash Adjustments 41 29 152 115<br>Adjusted Funds From Operations $ 6,894 $ 5,801 $ 26,185 $ 23,211<br>FFO per Diluted Share $ 0.44 $ 0.37 $ 1.73 $ 1.47<br>AFFO per Diluted Share $ 0.44 $ 0.38 $ 1.74 $ 1.49<br>Three Months Ended (Unaudited) Year Ended (Unaudited)<br>December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 | |
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| 23<br>© Alpine Income Property Trust, Inc. | alpinereit.com<br>1. Reflects the pro forma annualized impact on Annualized EBITDA of the Company’s investments and disposition activity during the three months ended December 31, 2024.<br>Net Loss $ (1,039)<br>Adjustments:<br>Depreciation and Amortization 6,520<br>Provision for Impairment 583<br>Loss on Disposition of Assets 901<br>Amortization of Intangible Assets and Liabilities to Lease Income (156)<br>Straight-Line Rent Adjustment (145)<br>Non-Cash Compensation 9<br>Amortization of Deferred Financing Costs to Interest Expense 180<br>Other Non-Cash Adjustments 4 1<br>Other Non-Recurring Items (13)<br>Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement 2,640<br>Adjusted EBITDA $ 9,521<br>Annualized Adjusted EBITDA $ 38,084<br>Pro Forma Annualized Impact of Current Quarter Investment Activity (1) 1,998<br>Pro Forma Adjusted EBITDA $ 40,082<br>Total Long-Term Debt $ 301,466<br>Financing Costs, Net of Accumulated Amortization 534<br>Cash and Cash Equivalents (1,578)<br>Restricted Cash (3,986)<br>Net Debt $ 296,436<br>Net Debt to Pro Forma Adjusted EBITDA 7.4x<br>December 31, 2024<br>(Unaudited)<br>Three Months Ended<br>Non-GAAP Financial Measures Reconciliation:<br>Net Debt to Pro Forma Adjusted EBITDA | |
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| Investor Inquiries: Philip R. Mays, Chief Financial Officer and Treasurer, (407) 904-3324, pmays@alpinereit.com | ||
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